Drilling at CPO’s Lana Corina project has demonstrated the existence of a large copper-molybdenum porphyry system. Pic: Getty Images
Culpeo’s Lana Corina grows with largest intercept extended to 454m at 0.93% copper
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- Additional drilling results have extended mineralisation at CPO’s Lana Corina project
- The intersection of near-surface, high-grade copper mineralisation in drillhole CMLD014 now sits at 454m at 0.93% copper equivalent
- Drilling in CMLCD014 continues, targeting the potential for further porphyry-hosted copper mineralisation at depth
- 832 Asset Management L.P. (1832AMLP), manager of the Dynamic/Scotia Funds is now a major shareholder with 7%
Special report: Diamond drilling results have increased the intersection of near surface, high-grade copper mineralisation at Culpeo’s Lana Corina project in Chile, extending its largest mineralised intercept to a massive 454m at 0.93% copper equivalent.
Last month, Culpeo Minerals (ASX:CPO) hit the longest continuously mineralised intersection to that point at its Lana Corina project in Chile, the world’s number one copper producing country.
Results from the first 388m of hole CMLCD014 confirmed a copper-molybdenum intersection of 298m at 0.98% copper equivalent from 90m, as well as two wide, higher-grade zones of 78m at 1.24% copper equivalent from 200m and 68m at 1.14% copper equivalent from 320m.
Additional assay results have been returned from drillhole CMLCD014, increasing that copper intersection to 454m at 0.93% copper equivalent from 90m.
Lana Corina contains high-grade copper associated with four known breccia pipes in the upper levels of a large, 3km-long copper porphyry system.
CPO reckons the geological setting of the project is analogous to Teck Resources’ Carmen de Andacollo mine 80km away, which has reserves of 250Mt at 0.62% copper and 0.25% gold.
The primo intersection also includes several wide zones of molybdenum mineralisation as well as the following high-grade copper zones:
- 78m at 1.24% copper equivalent from 200m
- 68m at 1.14% copper equivalent from 320m; and
- 40m at 1.20% copper equivalent from 394m
CPO says the mineralised zone has expanded the known surface-projected footprint to 600m x 400m and to a depth of 800m and remains open in all directions.
‘Significant scale’
“These latest drill results, along with the 13 previous holes, confirms the presence of a high-grade breccia and porphyry hosted mineralised system of significant scale at Lana Corina,” CPO managing director Max Tuesley says.
“The Culpeo team is very excited by the results so far, demonstrating the existence of a large copper-molybdenum porphyry system, which remains open in all directions.
“With further assay results expected at Lana Corina, more drilling planned at Vista Montana and Fortuna to begin in the coming months, we look forward to rapidly defining additional high grade copper mineralisation across our highly prospective projects.”
Upcoming exploration
Exploration programs continue at the Lana Corina, Vista Montana and Fortuna Projects, with the following key activities the continuation of drillhole CMLCD014 targeting additional extensions of mineralisation beyond the deeper molybdenum rich zone.
Other work includes drilling of new, outcropping breccia targets at Lana Corina and drill targeting priority areas at Vista Montana.
Culpeo’s discoveries at Lana Corina come with majors crying out for new sources of the metal.
Case in point, Chile’s State-owned copper miner Codelco has underperformed, highlighting the risks and costs involved with expanding existing ageing copper assets.
Highlighting the hunger of legacy miners for copper resources, Codelco has grown increasingly interested in paying big bucks to secure additional production, reportedly lobbing a US$500m bid yesterday for a 10% stake in Teck’s Quebrada Blanca mine.
This article was developed in collaboration with Culpeo Minerals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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